Seattle Real Estate Forecast 2018

Seattle Washington was rated the hottest city in America for real estate. Migration (90,000 during a recent 12 month period), great jobs, and low availability of properties, is driving home and condo prices skyward.

Being the home of Amazon, Microsoft, Boeing, Starbucks, Joint Base Lewis-McChord, Weyerhaueser, the Seattle region is a compelling place for business. and jobs. The city is so prosperous and optimistic, buyers are certain to buy in the city.

An exodus of Asian and other International buyers from the Vancouver Real Estate Market has brought in an additional source of investors into the Seattle area. The forecast is for more foreign buyers taxes in Vancouver BC, so Asian buyers will Seattle, Redmond, Spokane, Tacoma and Bellevue alternatives.

Seattle’s job market is brisk and high paying. The jobless rate is still 3.7% currently (up lately from 2.7%) and the $15 minimum wage rate isn’t enough to pay the rent. 50% of renters are feeling burdened by the rent they pay which may raise issues for landlords and property managers.

Strong population growth, a strong tech sector, diverse economy, educated workforce, enticing geography and diverse recreation opportunities are drawing more new residents at twice the national average. Seattle is consistently named as one of the best cities in America.

Seattle Realtor Christie Kinneard provides a quick update of the Seattle market, and condos, and where there are opportunities. She is changing her price points on the market because luxury homes are getting expensive and it’s all scarce.

In fact, experts called for growth under 3% but Seattle has outpaced that by far. This trend to underestimation might continue as experts aren’t getting the national trends or the demand from property investors.

Although new housing construction is growing nationwide, availability is squeezed, even in Washington State. And with a lack of construction workers, there won’t be any easing of detached home prices or rental housing here. And with some Asian and other foreign buyers being locked out of the Vancouver housing market, they’re finding Seattle is a great place to park their money.

Zillow’s Predictions

Zillow predicts home prices in Seattle will rise by 6.2% in 2018 and average home prices will hit a lofty $702,000 by the end of the year. With multiple offers the norm, sellers won’t need bidding war strategies to get a record offer on the table or worry about the best home renovations to grow ROI.

Seattle Neighborhoods

Average Home Price

East Queen Anne

$821,600

Downtown Seattle

$676,500

Denny Triangle

$551,600

Eastlake

$549,500

Capitol Hill

$543,300

Westlake

$513,500

Belltown

$443,400

Uptown

$382,800

First Hill

$364,600

Metro Seattle Cities

Average Home Price

Bellevue

$730,000

Redmond

$675,400

Seattle

$592,200

Lynnwood

$392,900

Renton

$391,800

Kent

$327,200

Federal Way

$308,400

Everett

$292,000

Tacoma

$230,600

Seattle Home Prices fastest Rising in the US

According to a report in the Seattle Times, Seattle’s home prices have been on a scorching pace in the last 12 months.

The Seattle market is hot so the question is whether you should be buying a house or renting an apartment? And is the right time for property investment? Zillow reports that nationwide, there are 12% fewer homes available than last year. And this past summer, homes for sale fell 21% from 2016.

Rents have skyrocketed accordingly. The current average rent price in Seattle is over $2600.